Lighthouse Community Credit Union members approve merger with Rivermark Community Credit Union
BEAVERTON, OR (June 1, 2021) — The members of Lighthouse Community Credit Union based in Vancouver, Washington voted by an overwhelming majority to merge with Rivermark Community Credit Union.
The vote by Lighthouse members on May 27 was the final step for merger approval, having already been approved by state and federal regulators and both credit union’s boards of directors. The merger will take effect on June 1, 2021.
“Our credit unions have so much in common,” said Lighthouse Community Credit Union President Steve Bernhoft. “We were committed to finding a merger partner that shared the mission and vision of Lighthouse, and we have found that in Rivermark,” continued Bernhoft.
Through Rivermark Community Credit Union, members will have access to 9 branch locations across Oregon and Southwest Washington, as well as expanded online banking, mortgage, and business services. Rivermark is focused on creating an environment where members are equipped to take control of their own financial well-being.
Lighthouse has a single branch located at 1910 West Fourth Plain Boulevard in Vancouver that will remain open.
“We are excited to welcome Lighthouse members to the Rivermark family,” said Seth Schaefer, President/CEO of Rivermark Community Credit Union. “Our credit unions share a commitment to financial empowerment and to local, accessible and personalized financial solutions,” continued Schaefer. When the merger is complete, Rivermark members will benefit from branch access in Vancouver, where over 3,000 existing members live.
Credit Union Merger Facts:
- Funds will continue to be federally insured by the National Credit Union Administration (NCUA), an agency of the federal government, up to $250,000.
- Rivermark Community Credit Union and Lighthouse Community Credit Union are local not-for-profit, member-owned financial cooperatives, run by boards of directors elected from their membership.
- Rivermark Community Credit Union was organized in 1951 by grocery store employees and today serves over 85,000 members.
- Lighthouse Community Credit Union was organized in 1953 by paper mill employees and today serves 1,800 members.
- Rivermark was originally formed by 140 grocery store employees who formed Safeway Portland Employees Federal Credit Union. In 2004, the Credit Union was approved for a community charter and changed its name to Rivermark Community Credit Union.
- On April 30, 2021, Rivermark’s assets totaled $1.2 billion and Lighthouse Community Credit Union’s assets totaled $14 million.
About Rivermark Community Credit Union
Rivermark Community Credit Union serves over 85,000 members at its eight area branches and online. Headquartered in Beaverton, Oregon, Rivermark has been offering superior financial services with a member focus since 1951. For more information about Rivermark visit their website at http://www.rivermarkcu.org.